• Price of Gold Jumped $9.90 or 0.85 Percent to $1,172.90

    6-Jul-15 Price Change % Change
    Gold Price, $/oz 1,172.90 9.90 0.85%
    Silver Price, $/oz 15.73 0.19 1.22%
    Gold/Silver Ratio 74.583 -0.270 -0.36%
    Silver/Gold Ratio 0.0134 0.0000 0.36%
    Platinum Price 1,065.90 -17.70 -1.63%
    Palladium Price 675.15 -18.00 -2.60%
    S&P 500 2,068.76 -8.08 -0.39%
    Dow 17,683.58 -46.53 -0.26%
    Dow in GOLD $s 311.66 -3.48 -1.10%
    Dow in GOLD oz 15.08 -0.17 -1.10%
    Dow in SILVER oz 1,124.48 -16.67 -1.46%
    US Dollar Index 96.49 0.19 0.20%

    3 Day Gold Price Chart
    30 Day Gold Price Chart
    5 Year Gold Price Chart
    3 Day Silver Price Chart
    30 Day Silver Price Chart
    5 Year Silver Price Chart

    The SILVER and GOLD PRICE rose. Silver gained 18.9 cents (1.2%) to $15.726 while the price of gold jumped $9.90 (0.85%) to $1,172.90. All the same, the silver and gold price charts show nothing but suspicion they MIGHT turn up, but also suspicion they might break down.

    Here’s the range that doesn’t tell us anything new: for the GOLD PRICE, $1,155 to $1,190; for silver, $15.44 to $16.40.

    I remind y’all that we are now in the window for silver and gold prices to make their seasonal lows, and we will probably see those by this week’s end.

    I have a foreboding — can you say, “I forebode”? — that this eerie peace in markets is the calm BEFORE a storm. I hope I’m wrong.

    The Greeks voted NO! on something, be exactly what isn’t clear. Certainly in their minds 61% were voting against “austerity” imposed by the Troika. Yet the hopelessly unpayable debt remains, mostly transferred by now from the banks who helped spawn it to the ECB and national central banks, which means, “to the European taxpayers.”

    It remains in the interests of the Eurocrats not to suffer a breach with Greece, lest others get the idea they might wriggle out of their impossible debts. Therefore they will continue to keep talking the problem to death until the public experiences utter “crisis-exhaustion” and will accept any solution at the price of not having to listen to any more about it.

    Big sticker in Greece is that the Greek banks run out of cash in 48 hours — whoops, make that about 36 now. What’s interesting is that the Greek people have seen this coming for months, and have taken as much of their money as they could get out of the banking system. Now we have the interesting question,

    What if somebody gave an economy, and no banks came? Could the economy run with people paying each other in cash? Inconvenient for a while, but possible. Shucks, to be rid of the banks is worth a three or four year financial crisis.

    US Dollar Index’s reaction to the aftermath of Greece’s referendum was muted. It rose 19 basis points (0.2%) to 96.49, technically not a breakout over 96.50 support, but not far and pushing. Since mid-June the Dollar index has been in an uptrend, and remains in that uptrend. Greece will eventually drive it higher.

    Hot money looking for a safe perch sent investors into US treasury securities. That showed in the dropping yields (as bond prices rise, yields fall) in the 10 year treasury note down 4.81% to 2.278%) and the 30 year Treasury bond (down 3.79% to 3.071%). Not a stampede, but enough for yields to gap down.

    Euro fell 0.26% to $1.1056, not as far as reason expects, but given that ALL central banks manipulate exchange rates, especially during crises, that’s about right. As the dollar index is about to break out upside from an even-sided triangle, so the euro is fixing to break out downside. Once dams burst, it’s tough to rebuild them during the following flood.

    Japanese yen caught some safe have bid from Europe, rising 0.44% to 81.62. Still needs to cross 82.25 before it proves much.

    West Texas Intermediate Crude
    Copper Price

    STOCKS have closed lower two weeks running. Today they melted again, just enough to demoralize. Dow lost 46.53 (0.26%) to 17,683.58. S&P500 peeled off 8.02 (0.39%) to 2,068.76. Stock drops combined with metals’ strength sent the Dow in gold below its 20 and 50 DMAs and the Dow in silver below its 20 DMA. There’s a Big Drop a-comin’.

    West Texas Intermediate Crude today fell badly out of the range that has contained it since May began. That’s only the beginning.See chart on the left. Copper also fell hard, 3.75% to $2.54. Chart argues it will fall as far as $2.42, on the right.

    Aurum et argentum comparenda sunt — — Gold and silver must be bought.

    – Franklin Sanders, The Moneychanger

    © 2015, The Moneychanger. May not be republished in any form, including electronically, without our express permission. To avoid confusion, please remember that the comments above have a very short time horizon. Always invest with the primary trend. Gold’s primary trend is up, targeting at least $3,130.00; silver’s primary is up targeting 16:1 gold/silver ratio or $195.66; stocks’ primary trend is down, targeting Dow under 2,900 and worth only one ounce of gold or 18 ounces of silver. or 18 ounces of silver. US $ and US$-denominated assets, primary trend down; real estate bubble has burst, primary trend down.

    WARNING AND DISCLAIMER. Be advised and warned:

    Do NOT use these commentaries to trade futures contracts. I don’t intend them for that or write them with that short term trading outlook. I write them for long-term investors in physical metals. Take them as entertainment, but not as a timing service for futures.

    NOR do I recommend investing in gold or silver Exchange Trade Funds (ETFs). Those are NOT physical metal and I fear one day one or another may go up in smoke. Unless you can breathe smoke, stay away. Call me paranoid, but the surviving rabbit is wary of traps.

    NOR do I recommend trading futures options or other leveraged paper gold and silver products. These are not for the inexperienced.

    NOR do I recommend buying gold and silver on margin or with debt.

    What DO I recommend? Physical gold and silver coins and bars in your own hands.

    One final warning: NEVER insert a 747 Jumbo Jet up your nose.

    Write a comment